A newly industrialized country is
a. the same as a high-income country.
b. any country that has experienced sustained growth in industry.
c. a special classification given to some upper-middle income countries that have achieved relatively advanced manufacturing sectors
d. any country that has moved out of lower income status.
C
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Wealth creating transactions are more likely to occur
a. With private property rights b. With contract enforcement c. Both a and b d. None of the above
Total profit can be calculated by:
a. c and e. b. subtracting total revenue from total costs. c. subtracting total costs from total revenue. d. finding the product of the difference between average profit and average total cost and the quantity produced. e. quantity produced times the difference between average revenue and average total cost.
Using the labels on the graph below, the total cost for both firms at the cost-effective solution is ________, and the excess cost from using the uniform standard is___________
a. ABCGH; CGH b. ACH; CGH c. ACDEH; CDE d. ACH; CDE
The richest fifth of U.S. households get nearly half of all U.S. income.
Answer the following statement true (T) or false (F)